The final results for the initial public offering of Cxmt Corporation (SH: 688825) on Shanghai's STAR Market have been disclosed. The offering price has been set at 8.66 yuan per share, with an initial issuance of 6.688 billion shares, representing approximately 10% of the total share capital post-IPO. If the over-allotment option is fully exercised, the total number of shares issued could expand to 7.691 billion, raising total proceeds of around 66.6 billion yuan.
Major Industry Players Back the Offering
A key highlight of this IPO is the strategic investor placement list, which features over a dozen prominent industrial investors, including Alibaba (NYSE: BABA), MEITUAN (OTC: MPNGY), and NIO Inc. (NYSE: NIO). Each of these companies has been allotted approximately 18.24 million shares, investing roughly 158 million yuan. Notably, Alibaba Cloud Feitian Information Technology Co., Ltd. is subject to a lock-up period of 36 months, while most other industrial investors face an 18-month lock-up.
Strategic Placement Adjusted, National Social Security Fund Takes Lead
According to the announcement, the initial strategic placement was set at 3.344 billion shares, accounting for 50% of the initial offering. However, the final strategic placement was reduced to 1.667 billion shares, representing about 24.93% of the initial offering. The difference of 1.677 billion shares was reallocated to the online and offline public offerings. The strategic investor group includes National Social Security Fund portfolios, pension fund portfolios, insurance companies, and companies from across the industrial chain. The National Social Security Fund 117 Portfolio received the largest single allocation of approximately 110 million shares, worth about 956 million yuan.
Diverse Industrial Investor Lineup
The strategic placement list reveals a broad array of industrial investors, each allocated the same 18,244,803 shares for 157,999,993.98 yuan. Beyond Alibaba, Meituan, and NIO, the list includes TCL Technology, ZTE, Huaqin Technology, Tongfu Microelectronics, Advanced Micro-Fabrication Equipment Inc., Anji Technology, Piotech, and others. This group spans critical segments of the semiconductor ecosystem, including equipment, materials, packaging and testing, and end applications, forming a comprehensive collaborative network. Alibaba's longer 36-month lock-up period, compared to the standard 18 months for others, suggests a potentially deeper strategic partnership with Changxin Technology.
Online Lottery Results and Underwriter Support
As the preliminary effective online subscription multiple reached approximately 243.93 times, exceeding the 100x threshold, the issuer and joint lead underwriters activated a clawback mechanism. After the adjustment, the final offline offering was 2.173 billion shares, and the final online offering was 3.851 billion shares, with an online lottery winning rate of about 0.4714%.
Online investors subscribed for approximately 3.845 billion shares, while about 6.586 million shares were abandoned, amounting to roughly 57.04 million yuan in forfeited payments. Offline investors subscribed for about 2.173 billion shares, with only one allotment object abandoning 31,567 shares. The total abandoned shares, approximately 6.618 million, were fully underwritten by the joint lead underwriters, representing a total underwriting amount of about 57.31 million yuan, or 0.11% of the total shares issued after the over-allotment option and excluding the final strategic placement.
Financing Figures and Valuation Metrics
Before exercising the over-allotment option, the total funds raised are approximately 57.919 billion yuan. After deducting issuance expenses of about 281 million yuan, the net proceeds are approximately 57.638 billion yuan. If the over-allotment option is fully exercised, the gross proceeds could reach about 66.607 billion yuan, with net proceeds of roughly 66.310 billion yuan.
Based on the lower of the audited net profit figures for 2025, excluding and including non-recurring items, the price-to-earnings ratio for this issuance is approximately 308.92 times (pre-over-allotment). The price-to-book ratio is about 5.06 times. The net asset value per share before the offering was 0.94 yuan, increasing to approximately 1.71 yuan post-offering. The company is scheduled to commence trading on the Shanghai Stock Exchange's STAR Market on July 27, 2026.
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